Contact Information: For more information, please contact: Ferdinand V. Lepere Executive Vice President and Chief Financial Officer TBS International Limited Tel. 914-961-1000 InvestorRequest@tbsship.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com
TBS International Limited Takes Delivery of Two Handymax Bulk Carriers, M.V. Canarsie Princess and M.V. Houma Belle
| Source: TBS International Limited
HAMILTON, BERMUDA--(Marketwire - June 18, 2008) - TBS International Limited (NASDAQ : TBSI )
announced that it has taken delivery of the M.V. Canarsie Princess,
formerly known as the M.V. Athinoula, and the M.V. Houma Belle, previously
known as the M.V. North Star.
M.V. Canarsie Princess is a 1985 built, 42,842 dwt handymax bulk carrier
that the Company agreed to acquire charter free for $30.3 million in
February 2008. The acquisition of M.V. Houma Belle, which was announced in
April 2008, is a 1985 built, 42,219 dwt handymax bulk carrier that the
Company agreed to acquire for $34 million charter free.
With these deliveries, TBS's current fleet consists of 44 multipurpose
tweendecker, handymax and handysize vessels. TBS expects to take delivery
of an additional handymax bulk carrier (M.V. Fox Maiden) by the end of Q3
2008. Once this delivery is concluded, TBS's fleet will be comprised of 45
vessels with an aggregate of 1,351,621 dwt, consisting of 23 tweendeckers
and 22 handymax/ handysize bulk carriers.
Joseph E. Royce, Chairman, Chief Executive Officer and President, stated:
"We are pleased to announce that we have taken the delivery of both the
M.V. Canarsie Princess and the M.V. Houma Belle, thereby increasing our
capacity to take advantage of the strong demand in the drybulk market and
creating additional value for our customers and shareholders. We intend to
continue with our fleet expansion focusing on selective and accretive
acquisitions."
About TBS International Limited
TBS is an ocean transportation services company that offers worldwide
shipping solutions through liner, parcel and bulk services, and vessel
chartering. TBS has developed its business around key trade routes between
Latin America and China, Japan and South Korea, as well as select ports in
North America, Africa, the Caribbean and the Mediterranean. TBS provides
frequent regularly scheduled voyages in its network, as well as cargo
scheduling, loading and discharge for its customers.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. You are hereby
cautioned that these statements may be affected by certain factors, among
others, set forth below and in TBS's filings with the Securities and
Exchange Commission, and consequently, actual operations and results may
differ materially from the results discussed in the forward-looking
statements. Among the factors that could cause actual results to differ
materially from those indicated by forward-looking statements is the
ability of the buyer and seller of the vessel to satisfy customary
conditions to our obligation to purchase the vessel. Other factors that
could affect TBS's operations and results are discussed in TBS's filings
with the Securities and Exchange Commission. TBS undertakes no obligation
to update any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Visit our website at www.tbsship.com